报告人：姚澄雪
时间：2021年3月19日下午13: 00 -15: 00
地点：信息楼405
【内容摘要】We show that analysts who follow hot industries that exhibit exceptional performance for one or two years are more likely to be promoted to fund managers, and we show that their performance as analysts has little bearing on their opportunities to transit into funds management. We show that fund managers who followed a hot industry during their analyst career, underperform other fund managers. Our findings confirm the literature showing that the career path of a fund managers is determined largely by their random performance early in their career. The insight from this paper is that a rapidly growing institutional investor sector can lead to a skills shortage and sub-optimal allocation of human resources.
